Clifford Chance Crunched
A tough week for the world’s largest law firm… Clifford Chance shut up shop in Budapest earlier in the week – the firm’s Hungarian partners are set to spin off into Lakatos Koves & Partners. And now the firm has announed its financial results ahead of its Magic Circle rivals. Revenues for 2008-09 have come down 5% from a high last year of £1.329m to £1.262m. Meanwhile profits per equity partner have dropped significantly from £1.156m last year to £733,000 this year, a …
A tough week for the world’s largest law firm…
Clifford Chance shut up shop in Budapest earlier in the week – the firm’s Hungarian partners are set to spin off into Lakatos Koves & Partners.
And now the firm has announed its financial results ahead of its Magic Circle rivals. Revenues for 2008-09 have come down 5% from a high last year of £1.329m to £1.262m. Meanwhile profits per equity partner have dropped significantly from £1.156m last year to £733,000 this year, a fall of 37%.
The fall in profitability was blamed largely on the reduction in headcount that the firm has made over the last few months.
More on Clifford Chance
July 2, 2009
At least they have got it out there now. They’ve set the benchmark for their peers and will be judged accordingly.
July 2, 2009
feeling sorry for the CC partners, gutted only £733,000, have to forgoe that Smallbone kitchen this year
July 2, 2009
So 30% drop despite the fierce cuts at associate and NQ level. Be interesting to see the other MC firms by comparison.
July 3, 2009
crunched even more now